Some frequent flyer programmes are profitable, but most are not. Ravindra Bhagwanani of loyalty specialist Global Flight explores whether there is a roadmap to making money out of FFPs

Airlines may manage their loyalty schemes differently, but few disagree that they are even more important in the current climate than in the good times. This is borne out by worldwide activity, ranging from smaller operators launching their first schemes to Citibank advance purchasing $1 billion of miles from American Airlines.

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